If you complete this course and do well, you will be able to:

Communication

  • Effectively communicate economic theory and concepts.

    • Problem Solving

  • Identify and solve problems using microeconomic theory and methodology

    • Introduction to Economics

    Topics: Scarcity; Choice; Opportunity Costs; Comparative and Absolute Advantage

  • Illustrate the impact of scarcity and choice with economic models.
  • Analyze the differences between comparative and absolute advantage and demonstrate how trade can be beneficial with both.

    • Demand and Supply

    Topics: Demand; Supply; Market Equilibrium and Disequilibrium; Coase Theorem; Government Intervention

  • Apply the demand and supply model.
  • Analyze the impacts of the determinants on the demand and supply models.
  • Illustrate market equilibrium on the demand and supply model.
  • Analyze the impact of market failure on demand and supply.
  • Apply the Coase Theorem to solve market disequilibrium caused by externalities.
  • Analyze the impact of government intervention on demand and supply.

    • Elasticity

    Topics: Elasticity of Demand; Elasticity of Supply; Income Elasticity; Cross-Elasticity
  • Assess the impact of elasticity on consumers and producers.
  • Compute statistical data to measure elasticity to quantify demand and production decisions.

    • Production and Costs

    Topics: Costs; Short-Run Production Costs and Decision-Making Process; Long-Run Costs and Decision-Making Process; Trade Barriers

  • Analyze the impact of costs of production on the short-run and long-run.
  • Illustrate the changes on the cost curves.
  • Analyze the impact of trade on production decisions.

    • Market Structures

    Topics: Perfect Competition; Pure Monopoly; Monopolistic Competition; Oligopoly

  • Compare and contrast the impact of the costs of production on the market structures (pure competition; pure monopoly; monopolistic competition; and oligopoly).
  • Illustrate the changes on the cost curves.

    • Labor Markets and Income

    Topics: Perfect Competition; Monopsony; Unions; Income

  • Assess the costs of labor on production decisions.
  • Illustrate the changes on the cost curves.
  • Analyze the impact of trade labor markets.